Most Canadians assume their will is the final word on where their estate goes. It isn't.
A surprising amount of what you own: RRSPs, RRIFs, TFSAs, pensions, life insurance, passes to whoever is named on the beneficiary form for that account or policy, regardless of what your will says. When the two documents don't agree, the beneficiary designation usually wins. That gap is where families end up in disputes, or watch an estate flow somewhere the person never intended.
How the mismatch happens
It rarely happens on purpose. An RRSP opened decades ago still names an ex-spouse. A life insurance policy from a first marriage was never updated after a second one. A new grandchild arrives, and no one revisits the designations on an investment account. Each document was accurate the day it was signed. The problem is that wills get revisited periodically, while beneficiary forms, buried in account paperwork, often don't get touched again until it's too late.
Why this needs more than one professional
Your will is drafted by a lawyer. Your beneficiary designations live with whoever holds the account: your portfolio manager, your insurance provider, your pension administrator. No single one of those parties sees the whole picture, so no single one can catch a conflict between the will and the designations. That's coordination work, and it falls naturally to your financial planner - the person positioned to see every account and policy at once and flag where the pieces don't line up with your actual wishes.
Getting specific, wherever possible
Vague intentions create the most risk. "Split evenly among my kids" can mean different things depending on which accounts are counted and which aren't. Wherever possible, put instructions in writing and make them specific: which account or policy, which beneficiary, in what proportion, and what happens if a named beneficiary predeceases you. A short letter of wishes, reviewed alongside your will, can capture intent that a beneficiary form alone can't (though it should still be paired with properly updated designations, since the forms are what institutions actually act on).
What should trigger a review
A few life events should always prompt a check of both documents together: marriage or divorce, a new child or grandchild, the death of a named beneficiary, a move to a new province, or simply opening a new account or policy. Outside of those triggers, a periodic review every few years, or whenever your planner suggests it is worth the hour it takes.
The bottom line
A will and a set of beneficiary designations that don't agree isn't a technicality; it's a real risk to how your estate is distributed. Keeping your advisory team, planner, lawyer, and the institutions holding your accounts coordinated, and your instructions specific and current, is one of the simplest ways to make sure your estate actually goes where you intend.
This information is for general educational purposes only and does not constitute individual financial, investment, tax, legal, or estate planning advice. Please consult a qualified professional regarding your specific situation before making any decisions.